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In this paper, we propose variational inequality models for electricity markets with time-of-use (TOU) pricing. Demand response is dynamic in the model through a dependence on the lagged demand. Different market structures are examined within this context. With an illustrative example, the welfare gains/losses are analyzed after an implementation of TOU pricing scheme over the single pricing scheme...
Ornstein-Uhlenbeck process is widely used in the study of neuronal activity and in electricity markets spot price modeling. Let LB be the last exit time from a compact set B of the Ornstein-Uhlenbeck type Markov process X = (Ω,ℱ, ℱt, Xt, θt, Px) on Rd. A sufficient and necessary condition for Ex[LBη] <; ∞(η >; 0) is expressed in terms of transition probabilities of the process. Based on the...
The use of ontologies for the interoperability of software models is widespread, with many applications also in the energy domain. By formulating a shared data structure and a definition of concepts and their properties, a language is created that can be used between modellers and-formalised in an ontology-between model components. When modelling energy systems, connections between different infrastructures...
This paper deals with the modeling of electric markets whenever certain imperfections pollute the supplied electrical energy. These imperfections are described in terms of a lack in power quality, and must be quantitatively introduced in the model as an additional economic factor which influences the consumption of electrical energy and its market price. Therefore, the main intent of this paper is...
The growing environmental concerns and increasing electricity prices have led to wider implementation of demand-side activities and created a new class of consumers, called demand response resources (DRRs). The DRRs actively participate in the electricity markets as buyers of electricity and sellers of load curtailment services. The demand profile modifications resulting from the DRR curtailments...
This paper presents a forecasting technique to predict next-day electricity spot prices and volatilities. Our technique combines a fundamental model formulated as supply stack modeling, with an econometric analysis based on the GARCH methodology. Empirical results from the wholesale electricity market of Great Britain are discussed.
This paper evaluates the economic effect of the Demand Response (DR) with Thermal Storage Air-conditioning (TSA) systems in electricity markets using market models based on the California Power Exchange (Cal-PX) and the Australian National Electricity Market (NEM). Our main objective is to evaluate the reductions in the Market Clearing Price (MCP) and wholesale purchase costs for all market participants...
The focus of the paper is on the long-term effects of the construction of a physical interconnection between SEE and Italy using a 1000-MW DC link from Italy to Albania. The impacts of this interconnection path are significant for the markets in Italy and SEE. The modeling issues are discussed and the simulation tool used to emulate the possible developments is presented. The use of scenario analysis...
Public policy in the U.S. and Europe has sought to control several major pollutants from power plants through a cap-and-trade system, whereby a secondary market is established for emissions permits. The costs of these emissions permits are a variable cost of power production and are thus integrated into regional electricity markets and locational wholesale electricity prices. Exposing retail consumers...
This paper discusses the question of market efficiency in ex ante auctions for transmission capacity aimed at facilitating trading between connected, but distinct wholesale power markets. It is argued that the conventional simple no-arbitrage presumption as an efficiency criterion is not appropriate. The forward auction for capacity is a derivative on the related energy markets, essentially a two-way...
Traditionally, the objective in undertaking a generation expansion planning (GEP) process has been to minimize the expected sum of yearly discounted costs (incorporate i.e., construction costs, operating costs, salvage value, etc.). Now, the objective is to apply GEP to today's competitive electricity markets in order to maximize the profits of individual GENCOs (i.e., the revenues based on market...
This paper addresses the generation expansion-planning problem describing a model that generation companies and regulators can use to get insight to this problem and to more completely study and characterize different investment decisions. The simulation model considers a number of possible generation technologies and aims at characterizing the corresponding investment plans from an economic point...
This paper analyzes the competitive structure characterizing the Italian day-ahead electricity market. The market is organized according to a zone model due to limited transmission capacity. As a result different market clearing prices are defined, when the national market is split into several zones. We analyze the North and the South market to investigate which is the oligopolistic model that fits...
Brazilian electricity system ever was knowing how a sample of large hydro system. However, due economic problems in 90psilas the market economy was introduce in electricity system. So, the hydro share in electricity matrix changes by more than 90% for less than 80% in little more than ten years. Nowadays electricity markets need to tackle some barriers to encourage the raise of renewable generation...
This paper provides a new multidisciplinary approach to model long-term planning of electricity generation. The aim of this approach is to improve several aspects of system-dynamics based models in the literature in terms of companiespsila differentiation in imperfect markets. To do this, system dynamics is combined with credit risk theory and game theory. Particularly, this paper presents in detail...
This is a summary of the presentation in the panel session, ldquoAgent-Based Test Beds for Restructured Electricity Marketsrdquo for the 2008 IEEE PES General Meeting. The multi-agent system concepts have been applied to power engineering in the areas of protection, defense system, diagnosis, control, distribution, etc. For electricity markets, multi-agent models have been used for analysis of gaming,...
In this paper the costs of integrating fluctuating sources like wind or solar into an existing electricity system are quantified using a systematic, theoretically well-founded approach. The paper notably stresses that this requires to measure integration costs against some reference technology and it highlights the link between integration costs and changes in system costs. The costs related to wind...
In this paper, an agent-based modeling and simulation (ABMS) approach is used to model the German wholesale electricity market. The spot market prices in the European Energy Exchange (EEX) are studied as the wholesale market prices. Each participant in the market is modeled as an individual rationality-bounded agent whose objective is to maximize its own profit. By simulating the market clearing process,...
Due to the unique characteristics of electricity markets, the traditional methods to futures contracts pricing, which have been widely used to common commodity, can not be applied directly. This paper presents a Cournot game model for equilibrium pricing of futures electricity contracts. In the game, each Genco optimizes a generation asset allocation problem between monthly futures contracts and the...
This paper evaluates the economic impact of the introduction of customer-owned thermal storage air-conditioning (TSA) systems in a deregulated electricity market from the viewpoint of the load service entity (LSE) and the whole-trade cost in the electricity market. Using market electricity demand and market clearing price (MCP) data based on the California Electricity Market 1999, our numerical results...
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